M&A

24 November, 2009

"Mr.China" Perkowski's auto components firm up for sale

HONG KONG, Nov 24 (Reuters) - Asimco Technologies, an automotive components maker founded by Wall Street veteran Jack Perkowski in Beijing about 15 years ago, is now up for sale in a deal that could fetch over $200 million, sources said on Tuesday.

Asimco is currently the largest independent manufacturer of automotive and heavy-duty truck components in China and the company has also become famous due to Tim Clissold's "Mr.China," a best-selling book based on Perkowski's experiences in the country.

U.S. boutique investment bank Houlihan Lokey has been hired to advise on the sale and about 15 global private equity funds including the Carlyle Group [CYL.UL] and TPG Capital [TPG.UL] are reviewing the books, said the sources with direct knowledge of the situation.

The sources declined to be identified as the sale process is confidential. Asimco declined to comment. (Reporting by George Chen; Editing by Jonathan Hopfner) ((george.chen@reuters.com; +852 2843 6532; Reuters Messaging: george.chen.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

Source: http://www.reuters.com